Which of the following policies was implemented in the Banking Acts of 1863 and 1864 to discourage state banks from competing with the newly-chartered national banks?(1 point)

Question

Responses

National banks were given higher capital requirements.
National banks were given higher capital requirements.

State banks were abolished.
State banks were abolished.

Taxes were levied on state banks.
Taxes were levied on state banks.

Taxes were levied on national banks.

Answer 1

The correct response is:

Taxes were levied on state banks.

The Banking Acts of 1863 and 1864 established a system of national banks and imposed a tax specifically on state bank notes, which effectively discouraged state banks from competing with the new national banks.